Shares in Intertek Group (LON: ITRK) surged 6.8% on Wednesday morning, rising from a previous close of 5,300p to trade around 5,665p, after the FTSE 100 testing and certification giant signalled it would be minded to recommend a £60-per-share cash takeover bid from Swedish private equity firm EQT.
The £9.4 billion ($12.7 billion) proposal — EQT’s fourth and “final” offer after three previous bids of £51.50, £54.00 and £58.00 per share were rejected — values Intertek at a significant premium to where the stock was trading just weeks ago.
In a statement released this morning, Intertek’s board said it had “carefully evaluated” the Final Proposal alongside its advisers and, following “significant engagement” with shareholders, concluded that the offer “delivers value in cash to Intertek shareholders at a level which it would be minded to recommend.”
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The board has agreed to grant EQT access to confirmatory due diligence, a key step towards a formal offer under Rule 2.7 of the Takeover Code.
In a notable concession for shareholders, the proposal preserves the right for Intertek to pay its previously announced 2025 final dividend of up to 107.7 pence per share — due for approval at the company’s AGM on 20 May — without any reduction to the cash consideration.
As a result, Intertek has paused its standalone strategic review, announced just weeks earlier in April. EQT must now announce a firm intention to make an offer, or walk away, by no later than 5pm on 11 June 2026.
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